News Broadcasting
CAS: MSOs at odds over carriage, basic tier fee sharing
NEW DELHI: MSOs are divided on the issue whether carriage fee is retained by them and the basic tier fee of cable channels by local cable operators.
While the Hinduja-owned IndusInd Media and Communications and Siti Cable (now renamed WWIL) opposed MSOs retaining carriage fee and LCOs keeping the basic tier fee, Rajan Raheja-controlled Hathway Datacom has supported such a model.
In their submission to the Telecom Regulatory Authority of India (Trai), both Siti Cable and IndusInd have said MSOs should also get a share of the basic tier fee, which is collected by LCOs.
Adding spice to the whole affair, the Cable Operators’ Federation of India (COFI) has suggested all round sharing of basic tier fee and carriage fee between MSOs and LCOs.
All the three MSOs, responding to Trai’s call for feedback on interconnect regulations, have said that distribution of signals to subscribers should only be through digital set-top boxes as analogue boxes lack credentials.
Trai had invited feedback from industry stakeholders on the proposed standard forms of interconnect agreements for CAS areas, draft regulation to mandate these standard forms and revenue sharing arrangements.
The specific issues that were raised were the following:
Should there be a uniform revenue share percentage between all broadcasters and MSOs and between MSOs and LCOs.
Should the revenue share percentages for different broadcasters prevailing in Chennai be adopted in other CAS notified areas?
Is there any other alternative method of arriving at the revenue share percentages amongst industry stakeholders.
Upholding the rights of cable operators that it represents, COFI has suggested that franchisees of MSOs could be given a commission ranging between 5-10 per cent for selling set-top-boxes and other equipment to subscribers.
The complete gist of comments of Hathway, Siti Cable, IndusInd and COFI on interconnect agreement is available on the regulator’s website at ww.trai.gov.in.
News Broadcasting
Network18 Q4 revenue grows 9.7 per cent, EBITDA at Rs 30 crore
PAT improves to Rs 306.6 crore, margins steady amid cost pressures.
MUMBAI: Not all news is breaking, some of it is quietly improving. Network18 Media & Investments Limited appears to be doing just that, tightening losses and stabilising margins even as costs continue to weigh on the business. For FY26, the company reported revenue from operations of Rs 1,955.1 crore, up from Rs 1,896.2 crore in FY25, signalling modest top-line growth in a challenging media environment. Total income stood at Rs 1,978.2 crore, compared to Rs 1,913 crore a year earlier.
Profit after tax came in at Rs 306.6 crore for the year, a sharp turnaround from Rs 3,225.4 crore in FY25, largely reflecting the absence of large exceptional items that had inflated the previous year’s numbers. On a more comparable basis, the company’s operating performance showed signs of gradual stabilisation.
However, the quarterly picture remained under pressure. For the March quarter, Network18 reported a loss of Rs 53.1 crore, narrower than the Rs 98.1 crore loss in the same period last year, but still indicative of ongoing cost challenges.
Expenses continued to track high. Total expenses for FY26 stood at Rs 2,235.7 crore, up from Rs 2,197.8 crore in FY25. Key cost heads included operational expenses of Rs 765.9 crore, employee benefits of Rs 475.9 crore, and marketing, distribution and promotional spends of Rs 427.1 crore, underlining the continued investment required to sustain reach and engagement.
At an operating level, margins remained under strain. Operating margin stood at 2.33 per cent for FY26, marginally higher than 1.77 per cent in FY25, while net profit margin remained negative at -13.02 per cent, though improved from -14.89 per cent.
On the balance sheet, total assets rose to Rs 8,957.6 crore as of 31 March 2026, from Rs 8,317.5 crore a year earlier. Equity strengthened to Rs 4,958.7 crore, while borrowings increased to Rs 3,112.8 crore, reflecting a higher reliance on debt to support operations.
Cash flows told a mixed story. While financing activities generated Rs 83.9 crore, operating cash flow remained negative at Rs -24 crore, highlighting ongoing pressure on core cash generation. Cash and cash equivalents, however, improved to Rs 33.9 crore from Rs 1.8 crore.
The numbers point to a company in transition growing revenues, trimming losses, but still grappling with structural cost pressures. In a sector where scale often comes at a price, Network18 seems to be inching towards balance, one quarter at a time.
